The annual reports of Wal-Mart and Target are provided free of charge via walmart.com and target.com. Upon inspection‚ the Wal-Mart and target reports include meaningful financial statements‚ including the Statement of Owners Equity‚ Income Statement‚ and Balance Sheet. These statements were obtained through 10-K statements available on walmart.com and target.com. In comparing the statements of these companies‚ Wal-Mart and Target both provide multi-step Statements of Operations‚ which include the
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Basic Objectives To allow better allocations of Capital market Ressources(Useful to those making invest and credit decisions ( Provide info: economic resour‚ claims and changes Fundamental Concepts Relevant - Past‚ Present‚ Future Events ( Reliable - Dependable‚ Reasonably Free Of Error ( Verifiable ( Comparable to other entities ( Consistent over time Recognition And Measurement Concepts Economic entity ( Going concern ( Monetary unit ( Periodically Basic Principles Historical
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Analysis of the data on Ratio: Ratio analysis is one of the techniques of financial analysis to evaluate the financial condition and performance of a business concern. Simply‚ ratio means the comparison of one figure to other relevant figure or figures. According to Myers ‚ “Ratio analysis of financial statements is a study of relationship among various financial factors in a business as disclosed by a single set of statements and a study of trend of these factors as shown in a series of statements
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method. Appropriate use of the retail inventory method. Markdowns and the conventional retail method. Markups and the conventional retail method. Knowledge of the cost ratio for retail inventory methods. Inventory turnover ratio. Dollar-value LIFO retail method. MULTIPLE CHOICE—Computational Answer a c c d d a a b c No. Description 25. 26. 27. 28. 29. 30. 31. 32. 33. Value inventory at LCM. Relative sales method of inventory valuation. Entry for purchase commitment
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8‚000 d. Rs. 10‚000 5).______________ method assumes that the goods received most recently in the stores or produced recently are the first ones to be delivered to the requisitioning department. a. FIFO b. Weighted average method c. Most recent price method d. LIFO Fill in the blanks: (5 x 1) 1). Indirect cost that is incurred in producing product or services but which can not traced in full. 2 Sunk cost is the cost that incurred or expended in the
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GM4106 Midterm Take-Home Cases Read the case‚ Merrimack Tractors and Mowers‚ Inc: LIFO or FIFO? and prepare a brief memo and spreadsheet supplement for the following items: 1. Prepare an “as if” income statement for 2008 assuming (1) no change in accounting policy and (2) sales of 10‚000 mower units each quarter at a price of $2‚000 per unit with Selling‚ General and Administrative costs the same as they were in 2008. 2. How would this change if the unit sales pattern was 10‚000 units‚ 5
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Yes No 6. When do you update this inventory management policy? Annually Monthly Weekly Daily Others pls. specify ______________ 7. What type of inventory system do you use? First In‚ First Out (FIFO) Last In‚ First Out (LIFO)
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ACCT1501 Practice Exam Questions & Solutions 2011S1 QUESTION 1 ACCOUNTS RECEIVABLES • • • • On 1st July‚ 2007‚ one of SSS’s customers‚ BBB‚ went bankrupt. BBB owes SSS $2‚500 and there is no hope for recovering this amount. On 1st October‚ SSS collected $85‚000 from outstanding accounts. SSS Company’s financial year ends on 31st December. During 2007‚ SSS sold goods for cash for $22‚000‚ and on credit $80‚000. On 1st January 2007‚ SSS Ltd. has a debit balance of $30‚000 in Accounts
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Old Exam Packet – Acct 284 Fall 2009 Exam 1 – Fall 2008 Investing activities: a. involve day to day events like selling goods and services‚ which occur when running a business. b. involve the buying or selling of land‚ buildings‚ equipment‚ and other longer-term investments. c. only involve financial exchanges. d. All of these. Accumulated depreciation: a. is an expense account. b. is a liability account. c. is a regular asset account. d. is an asset contra-account.
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| Ruckman‚ Inc.: Converting from U.S. GAAP to IFRS | ACTG 4240 – Assignment #4 | | Fannie Fang‚ Yingqi Gu‚ Ya Wang | 1/24/2013 | | Ruckman Part I Solutions Page 1. For each of the 16 items listed below‚ briefly describe the difference in GAAP treatment and IFRS treatment. Just start with this form and type in your responses in the appropriate cells. You don’t need to give too much detail‚ just enough so your client can tell the difference. 2. In the “Needed to Convert
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